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The average price of both petrol and diesel fell in October, according to data from the RAC.
The motoring organisation says the average price of a litre of petrol fell by 1.57p during the month to 126.42p - the third month in a row prices had fallen.
The average price of diesel dropped by 1.59p to 130.49p, having previously risen very slightly during September.
RAC spokesman Simon Williams said that while it was good that prices had fallen, market conditions meant the cuts should have gone further.
He said: "It's clearly good news for drivers that pump prices reduced in October, but it's disappointing they haven't fallen further given the conditions were so favourable with the price of oil [traded in dollars] averaging under $60 a barrel and the pound strengthening to $1.29.
"In the middle of the month we called for a significant cut as we saw petrol was up to 7p a litre too expensive. The supermarkets responded with a round of price cuts, but most only decided to knock 2p a litre off unleaded.
"While this was positive we feel they could have gone quite a bit further. This is borne out by the average price only dropping just over a penny since then.
"As things stand both petrol and diesel are still 2p too expensive and should really be reduced. Sadly, we suspect this is extremely unlikely as the wholesale market is now beginning to go the other way which will start to eat in to the accumulated saving that should have been passed on to drivers before."
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